Legal & General Group Plc Has $14.78 Million Stake in MGIC Investment Corporation $MTG

Legal & General Group Plc reduced its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 1.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 530,710 shares of the insurance provider’s stock after selling 10,376 shares during the quarter. Legal & General Group Plc owned about 0.23% of MGIC Investment worth $14,775,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. EP Wealth Advisors LLC boosted its stake in MGIC Investment by 0.9% during the 1st quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider’s stock worth $1,127,000 after acquiring an additional 398 shares during the last quarter. Brooklyn Investment Group raised its holdings in MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock worth $77,000 after purchasing an additional 416 shares during the period. PNC Financial Services Group Inc. raised its holdings in MGIC Investment by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 437 shares during the period. US Bancorp DE boosted its position in shares of MGIC Investment by 5.3% during the first quarter. US Bancorp DE now owns 10,797 shares of the insurance provider’s stock worth $268,000 after purchasing an additional 548 shares in the last quarter. Finally, Impact Partnership Wealth LLC grew its holdings in shares of MGIC Investment by 6.5% in the 2nd quarter. Impact Partnership Wealth LLC now owns 9,821 shares of the insurance provider’s stock valued at $273,000 after buying an additional 598 shares during the period. 95.58% of the stock is owned by institutional investors.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $27.09, for a total value of $3,771,009.27. Following the sale, the chief executive officer owned 961,791 shares in the company, valued at approximately $26,054,918.19. The trade was a 12.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $27.44, for a total transaction of $548,800.00. Following the completion of the sale, the executive vice president owned 117,395 shares in the company, valued at $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 219,203 shares of company stock worth $5,989,909. Corporate insiders own 1.05% of the company’s stock.

MGIC Investment Trading Down 0.1%

Shares of NYSE:MTG opened at $28.35 on Friday. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 1.91 and a beta of 0.92. MGIC Investment Corporation has a 12 month low of $21.94 and a 12 month high of $29.01. The company’s fifty day simple moving average is $27.72 and its 200 day simple moving average is $27.24. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last released its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. MGIC Investment had a return on equity of 14.63% and a net margin of 61.96%.The firm had revenue of $304.51 million during the quarter, compared to analysts’ expectations of $308.16 million. During the same quarter in the prior year, the company earned $0.77 EPS. The company’s revenue was down .7% on a year-over-year basis. As a group, research analysts forecast that MGIC Investment Corporation will post 2.71 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 6th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, November 6th. MGIC Investment’s dividend payout ratio (DPR) is currently 19.29%.

Wall Street Analyst Weigh In

MTG has been the subject of a number of recent analyst reports. Barclays upped their price objective on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (a-)” rating on shares of MGIC Investment in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and a consensus target price of $26.80.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.